sidra Archive
Total Factory Cost Definition: Total factory cost is equal to total direct materials cost plus direct labor cost plus Factory overhead. Formula of prime cost can be written as: Prime cost = Direct materials + Direct labour Recommended Books ! Or Download E accounting
Top Managers Definition: Managers at or near the top level of the organization who are responsible for making organization-wide decisions and establishing the goal and plans that effect the entire organization.
Time Value of Money: Learning Objectives: Explain the concept of time value of money. Why time value of money concept is important in capital budgeting analysis? Explanation of of the Concept of Time Value of Money Investments commonly involve returns that extend over fairly
Time Ticket Definition: Time ticket is a detailed source document that is used to record an employee’s hour-by-hour activities during a day.
Time and Material Pricing in Service Companies: Learning Objective of the Article: Define and explain time and material pricing. Calculate and use billing rates used in time and materials pricing. Contents: Definition and explanation of time and material pricing. Time component Material component Example
Time-Adjusted Rate of Return Definition: This term is synonymous with internal rate of return.
Throughput Time Definition: The time required to make a completed unit of product starting with raw materials. Throughput time is also known as cycle time.
Theory of constraints (TOC) Definition: Theory of constraints (TOC) management approach that emphasizes the importance of managing constraints. This is only definition of theory of constraints (TOC). Click here to read full article about theory of constraints (TOC) Relevant term: Bottleneck
Thank You! We have received your message. We will contact you as soon as possible.
Liability Disclaimer – Terms of Use: The information, services and products available to you on this Web site may contain errors and is subject to periods of interruption. While Accountingformanagement.com does its best to maintain the information, services and products it offers on the
Technical Skills Definition: Technical skills include knowledge of and proficiency in certain specialized field, such as engineering, computers, accounting, or manufacturing. These skills are more important at lower level management since these managers are dealing directly with employees doing the organizational work. Relevant terms:
Theory of Constraints (TOC): Learning objectives of the article: Define and explain the concept of theory of constraints (TOC) Give an example of the implementation of theory of constraints. Definition: Theory of constraints (TOC) is a management approach that emphasizes the importance of managing
Targeting Process Improvements Activity Based Costing + Activity Based Management Activity based costing can be used to identify areas that would benefit from process improvements. Indeed, managers often cite this as the major benefit of activity based costing. Activity based management (ABM) is used
Definition and Explanation of Target Profit: Target profit is the amount of net operating income or profit that management desires to achieve at the end of a business period. Management needs to know the required level of business activities to get target profits. Cost
Target Costing Approach to Pricing: Learning Objective of the Article: Define and explain target costing. Compute the target cost for a new product or service. What are advantages and disadvantages of target costing approach. In traditional costing system it is presumed that a product
Quantitative or Physical Unit Method–Allocating Joint Product Cost: Learning Objectives: Explain quantitative or physical unit method of joint cost allocation. Quantitative or physical unit method attempts to distribute the total joint cost on the basis of some unit of measurement, such as pounds,
Quantitative Approach Definition: The quantitative approach involves the use of quantitative techniques to improve decision making. This approach is also called operations research or management science.
Quality of Conformance Definition: The degree to which a product or service meets or exceeds its design specifications and is free of defects or other problems that mar its appearance or degrade its performance.